Italy's Sorin got approach from Charterhouse-sources

By Staff Reporter

Jun 21, 2012 10:01 AM EDT

British private equity fund Charterhouse Capital Partners has approached Italian biomedical group Sorin (SORN.MI) about a possible takeover, two sources close to the situation told Reuters on Thursday.

Italian daily la Repubblica had reported that Charterhouse offered 2 euros per share for Sorin, making the deal worth around 960 million euros ($1.2 billion) according to Reuters data. The sources said there had been no formal offer from the fund.

"There is an interest from several players," one of the sources said, adding that at least two other private equity funds were in talks with Sorin.

Charterhouse declined to comment.

Sorin shares soared 13 percent to 1.7210 euros by 0907 GMT, leading the risers on the FTSE Italia all-share index. The stock hit a high of 1.751 euros, its highest since September.

Sorin, which has offices across Europe and America, makes devices to treat heart disease including technology to support patients during open-heart surgery. It had already been in unsuccessful bid talks with a consortium of private equity funds in 2010.

Its main shareholders are financial group Mittel and private equity fund Equinox. A shareholder pact involving the holders of 36.3 percent of Sorin's equity expires in November this year, after which a takeover attempt would become easier.

"Sorin shareholders were approached in the past by other private equity funds and refused a potential offer up to a value of 1.8 euros per share. This time around could be different given the weak macro economic scenario," said Mediobanca analysts in a report.

This article is copyrighted by Reuters

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics